PFAs Register 72,846 Contributors in 3 Years, Plan Incentives

The Pension Fund Operators have said that they have registered only 72,846 micro pension plan (MPP) contributors in three years of launch and thereby set to introduce value added incentives to encourage more participation in the scheme.

The president Muhammadu Buhari’s led administration on march 29, 2019 officially launch the Micro Pension Plan in the country.

Since its launch, contrary to the desires and aspirations of the pension sector regulator, the National Pension Commission (PenCom), the micro pension plan has witnessed slow growth.

This is in contrast to the speedy growth witnessed by the Contributory pension scheme (CPS) which had within 17 years of its regime registered over 10 million contributors and built up N13 trillion assets.

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Speaking at the Annual media Parley organised by the umbrella body of pension fund administrators, the Pension Operators Association of Nigeria (PenOp), the Head, Micro Pension Department, PenCom, Mr Dowda Ahmed, said current number of contributors into the micro pension scheme which was approximately 73000 contributors fall short of the commission’s expectation.

According to him, the commission, had expected more than what it has recorded, adding that the commission had engaged some stakeholders to ensure that the MPP had an enabling environment to thrive.

He described the Micro Pension Plan as a long-term voluntary financial plan for the provision of pension coverage to the self-employed and persons working under organisations with less than three employees who are mainly in the informal sector.

Speaking also, the Managing Director/CEO, Access Pension Fund Custodian, Idu Okwuosa, said that a committee had been set up by the Commission to commence massive campaign next year.